PSE delists Alphaland for failing to heed disclosure rules

Ongpin-led Alphaland Corp. will be delisted from the Philippine Stock Exchange (PSE) after failing to comply with disclosure requirements, the local bourse said in an e-mailed statement Monday.

The delisting will take effect after Alphaland completes a tender offer to retail or non-strategic shareholders as of January 23.

The company has 60 days to complete the tender offer.

“The PSE observed due process in handling the case of Alphaland Corporation. The decision was arrived at to ensure that we do not fail in our obligation as a regulator of listed companies and to safeguard the welfare of the investing public,” PSE president and CEO Hans Sicat was quoted as saying.

The PSE said it conducted a series of delisting hearings, which gave Alphaland opportunities to explain its side and submit pertinent documents and its position paper.
 
The involuntary delisting proceedings on the property firm started last March following its violations of the disclosure rules and other PSE rules.
 
Other penalties meted out by the PSE on Alpha include the prohibition from applying for relisting within five years of its delisting date and the disqualification of the company’s CEO Roberto Ongpin, president Mario Oreta, and corporate secretary Rodolfo Ma. Ponferrada from becoming directors and executive officers in any company applying for listing with the exchange.
 
"Disclosure violations are serious violations not just against the Exchange but more importantly to investors. Upholding market integrity is one of our primary mandates as an Exchange and we assure the public that we will continue to carry out our rules and mete out the corresponding penalties for any such violations,” Sicat added.
 
Trading in Alphaland has been suspended since January 20, 2014. — Danessa O. Rivera/JDS, GMA News